Buy Natural gas Aug 2021 @ 288.00 SL 282.00 TGT 294.50-298.00.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4622-5040.
Crude oil prices rose more than 5% recovering from a seven-day losing streak due to a weaker dollar and strength in global equities markets.
Risk appetite in global markets increased despite persistent worries about the COVID-19 Delta variant hampering economic growth.
Saudi Arabia's crude oil exports in June rose to 5.965 million barrels per day (bpd) from 5.649 million bpd in May, official data showed.
U.S. crude oil stockpiles dropped last week to their lowest levels since January 2020, the Energy Information Administration said.
BUY CRUDEOIL SEP 2021 @ 4620 SL 4540 TGT 4720-4760.MCX
NATURAL GAS
Natural gas trading range for the day is 283.8-295.6.
Natural gas rose on forecasts for hot weather and high air conditioning demand to continue into early September.
Last week, gas speculators boosted their short positions in natural gas futures and options on NYMEX to the highest since June 2020.
Data provider Refinitiv said gas output in the U.S. Lower 48 states rose to an average of 92.1 bcfd so far in August from 91.6 bcfd in July.
U.S. pipeline exports to Mexico have slipped to an average of 6.1 bcfd so far in August from 6.6 bcfd in July and a record 6.7 bcfd in June.
BUY NAT GAS AUG 2021 @ 288.00 SL 282.00 TGT 294.50-298.00.MCX
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